Masco reported strong third quarter 2013 results, with 12% revenue growth and a 260 basis point increase in adjusted operating margin compared to the prior year quarter. Sales growth was driven by new product introductions and improving new home construction and repair/remodel activity in North America. Continued cost containment efforts contributed to a 140 basis point improvement in SG&A as a percentage of sales. The company also retired $200 million in debt during the quarter and strengthened its balance sheet. Looking ahead, Masco expects opportunities for further growth from economic recovery, new product launches, and share gains, but risks remain from economic uncertainty and commodity volatility.

1. Third Quarter 2013
Masco Earnings Presentation

2. Safe Harbor Statement
Written and oral statements made in this presentation that reflect our views about our future
performance constitute "forward-looking statements" under the Private Securities Litigation Reform
Act of 1995. Forward-looking statements can be identified by words such as “believe,” “anticipate,”
“appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,”
and similar references to future periods. These views involve risks and uncertainties that are
difficult to predict and, accordingly, our actual results may differ materially from the results
discussed in our forward-looking statements. We caution you against relying on any of these
forward-looking statements. Our future performance may be affected by our reliance on new
home construction and home improvement, our reliance on key customers, the cost and availability
of raw materials, uncertainty in the international economy, shifts in consumer preferences and
purchasing practices, our ability to improve our underperforming businesses, and our ability to
maintain our competitive position in our industries. These and other factors are discussed in detail
in Item 1A, “Risk Factors” in our Annual Report on Form 10-K, as well as in our Quarterly Reports
on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Our
forward-looking statements in this presentation speak only as of the date of this presentation.
Factors or events that could cause our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. Unless required by law, we undertake no obligation to
update publicly any forward-looking statements as a result of new information, future events or
otherwise.
2
Certain of the financial and statistical data included in this presentation and the related
materials are non-GAAP financial measures as defined under Regulation G. The Company believes
that non-GAAP performance measures and ratios used in managing the business may provide
attendees of this presentation with additional meaningful comparisons between current results and
results in prior periods. Non-GAAP performance measures and ratios should be viewed in addition
to, and not as an alternative for, the Company's reported results under accounting principles
generally accepted in the United States. Additional information about the Company is contained in
the Company's filings with the SEC and is available on Masco’s web site, www.masco.com.

3. Masco Q3 2013 Results – Agenda
Topic
• Summary of Results
Tim Wadhams
• Financial/Operations Review
John Sznewajs
• Outlook
Tim Wadhams
• Q&A
3

4. Key Messages Today
New home construction and improved repair and remodel
activity drive North American Sales; International sales
continue growth momentum
New product introductions in Paint and Plumbing drive
consumer demand and sales growth
Cabinets and Installation deliver significant year-over-year
improvement
Operating leverage and cost control improves profitability;
Best return on sales since Q3 2007
4

5. Strategy Execution Highlights Q3 2013
1
Expand market
leadership
• Investments in innovation drive continued success of new
product and program introductions
• Strong performance by all brands in all channels
2
Reduce costs
• Continued commitment to cost control results in SG&A
leverage and margin improvement
3
Improve
underperforming
businesses
• Cabinetry increases top and bottom line growth momentum
• Installation capitalizes on strategic growth with new home
construction, commercial, distribution and retrofit channels
4
Strengthen
balance sheet
5
• Strong working capital management
• Retired $200M debt maturity

6. Masco Q3 2013 Results – Agenda
Topic
• Summary of Results
Tim Wadhams
• Financial/Operations Review
John Sznewajs
• Outlook
Tim Wadhams
• Q&A
6

7. Double Digit Sales Growth for Two Consecutive Quarters
($ in Millions)
Third Quarter
2013
Revenue
$2,150
Growth
Adjusted Operating Profit*
Y-O-Y Change
12%
$222
$74
Adjusted Operating Margin*
10.3%
Adjusted EPS*
$0.27
Y-O-Y Change
260 bps
*See appendix for GAAP reconciliation
Quarter Highlights
•
•
Sales growth driven by new products at retail and new home
construction
•
Continued cost containment drives 140 bps improvement in SG&A
•
7
North American sales increased 13%; International sales
increased 5% in local currency
Operating profit expansion reflects favorable operating leverage

8. Double Digit Margins for the First Time Since Q3 2007
Y-O-Y Change in
Operating Profit $74M
8
*See appendix for GAAP reconciliation

9. Plumbing Products:
Strong Growth Momentum Continues
($ in Millions)
Third Quarter
2013
Revenue
$820
Adjusted Operating Profit*
$124
Growth
11%
Y-O-Y Change
Adjusted Operating Margin*
Y-O-Y Change
$43
15.1%
410 bps
*Excluding business rationalization charges of $6 million in each of the third quarters of 2013 and 2012.
Quarter Highlights
•
•
North American sales growth partially offset by lost bathware business
•
9
North American faucet and toilet sales growth percentage in the midteens
Margins impacted by improved International results, favorable
price/commodity relationship, and total cost productivity efforts

10. Decorative Architectural Products:
New Product Introductions Drive Top Line
($ in Millions)
Third Quarter
2013
Revenue
$522
Operating Profit
$93
Growth
Y-O-Y Change
Operating Margin
Y-O-Y Change
9%
($3)
17.8%
(220) bps
Quarter Highlights
•
•
10
New product introductions, Pro, and International drove gallon growth
percentage in the low-teens
Margins impacted by increased volume, which was more than offset by
an unfavorable price/commodity relationship; and increased advertising
and promotions of ~$10 million to drive gallon growth

11. Cabinets and Related Products:
Volume Growth in All Sales Channels; Strong Operating Leverage
($ in Millions)
Revenue
Growth
Third Quarter
2013
$262
15%
Adjusted Operating Profit*
$1
Y-O-Y Change
Adjusted Operating Margin*
Y-O-Y Change
$21
0.4%
920 bps
*Excluding business rationalization charges of $3 million and $8 million in the third quarters of 2013 and 2012, respectively.
Quarter Highlights
•
•
Growth driven by increased sales in all channels, including direct to
builder, dealer, and retail
•
Margins positively impacted by reduced promotional activity and
productivity improvements; partially offset by negative mix
•
11
North American cabinet sales grew 20%, excluding countertops
Excludes Danish RTA business, which is in discontinued operations

12. Installation and Other Services:
Continued Execution Drives Top and Bottom Line Growth
($ in Millions)
Third Quarter
2013
Revenue
$370
Adjusted Operating Profit*
$19
Growth
Y-O-Y Change
Adjusted Operating Margin*
Y-O-Y Change
19%
$20
5.1%
540 bps
*Excluding business rationalization charges of $1 million in each of the third quarters of 2013 and 2012.
Quarter Highlights
•
•
12
Sales growth driven by higher volumes in residential new home construction,
commercial, distribution, and retrofit channels
Margin improvement driven by operating leverage and productivity
improvements

13. Other Specialty Products:
Strong Performance Reflects Window Share Gains
($ in Millions)
Third Quarter
2013
Revenue
$176
Adjusted Operating Profit*
$16
Growth
13%
Y-O-Y Change
Adjusted Operating Margin*
Y-O-Y Change
$-
9.1%
(120) bps
*Excluding business rationalization charge of $1 million and change in warranty estimate of $12 million in the third quarter
of 2012.
Quarter Highlights
•
•
Sales growth driven by increased new home construction and repair &
remodel activity, and new product introductions
•
13
North American window sales growth percentage in the mid-teens
Benefit of increased sales volume offset by mix and other costs,
including ERP system implementation

14. Strengthening the Balance Sheet
• Retired $200M debt maturity in August with existing
cash
• Working capital as a percent of sales improved to
12.1% in Q3 2013, compared to 14.8% in Q3 2012
Balance Sheet Liquidity as of 9/30/2013
Cash and cash investments
Short-term bank deposits
$0.3B
Total
14
$1.0B
$1.3B

15. Masco Q3 2013 Results – Agenda
Topic
• Summary of Results
Tim Wadhams
• Financial/Operations Review
John Sznewajs
• Outlook
Tim Wadhams
• Q&A
15

16. Delivering on 2013 Priorities – Q3 Highlights
Cabinet profit improvement
Profitably grow Installation
Successfully launch new products and programs
Reduce debt by ~$200M
Investment in strategic growth initiatives
Grow share of key brands
Total cost productivity
Geographic expansion
16

17. Outlook
Risks
Opportunities
• Velocity of U.S. economic
recovery
• Improving repair and remodel
demand
• Consumer confidence
• Continued growth in new
home construction
• Global economic uncertainty
• Mix shifts
• Commodity volatility
• Successful new product and
program launches at retail
• Share gains at retail and with
big builders
• Strong liquidity
• Capitalize on operating
leverage
17

18. Q&A

19. Appendix – Profit Reconciliation – Third Quarter
($ in Millions)
Q3 2013
Q3 2012
Sales
$
2,150
$
1,913
Gross Profit – As Reported
$
607
$
500
6
Gross Profit – As Adjusted
$
10
-
Rationalization charges
Other Specialty Products - warranty
12
613
$
522
Gross Margin - As Reported
28.2%
26.1%
Gross Margin - As Adjusted
28.5%
27.3%
Operating Profit – As Reported
$
Rationalization charges
212
$
108
10
27
Other Specialty Products - warranty
-
12
Charge for litigation settlements, net
-
1
Operating Profit – As Adjusted
$
222
$
148
Operating Margin - As Reported
5.6%
Operating Margin - As Adjusted
19
9.9%
10.3%
7.7%

20. Appendix – EPS Reconciliation – Third Quarter
(in Millions)
Income from Continuing Operations before Income Taxes –
Q3 2013
As Reported
Q3 2012
$
$
Rationalization charges
154
51
10
27
Gain from financial investments, net
-
(2)
Charge for litigation settlements, net
-
1
Other Specialty Products - warranty
-
12
Income from Continuing Operations before Income Taxes – As Adjusted
$
Tax at 36% rate benefit (expense)
164
$
89
(59)
11
Less: Net income attributable to non-controlling interest
(32)
9
Net Income, as adjusted
$
94
$
48
Income per common share, as adjusted
$
0.27
$
0.14
Average Diluted Shares Outstanding
20
352
350

21. 2013 Guidance Estimates
($ in Millions)
2013 Estimate
2012 Actual
Rationalization Charges1, 3
~ $55
$78
Tax Rate
~ 25%
198%
Interest Expense
~ $240
$254
General Corp. Expense2
~ $130
$126
Capital Expenditures
~ $125
$119
Depreciation & Amortization3
~ $190
$214
352 million
349 million
Shares Outstanding
1 – Based on current business plans.
2 – Excludes rationalization expenses of $14M for the year ended December 31, 2012.
3 – Includes accelerated depreciation of $28M for the year ended December 31, 2012 and estimated accelerated
depreciation for the year ended December 31, 2013 of ~$15M. Such expenses are also included in the
rationalization charges.
21

22. Segment Mix Full Year 2012 Estimate
Business Segment
Revenue 2012
% of Total
R&R% vs. NC
NA% vs. Int’l
Plumbing
Products
$3.0B
40%
82%
59%
Decorative
Architectural
Products
$1.8B
24%
99%
100%
Cabinets and
Related Products
$0.9B
12%
69%
92%
Installation and
Other Services
$1.2B
16%
16%
100%
Other Specialty
Products
$0.6B
8%
75%
75%
73%
80%
Total company
22
R&R = % of sales to repair and remodel channels
NC = % of sales to new construction channels
NA = % of sales within North America
Int’l = % of sales outside North America
$7.5B
100%

23. 2012 Masco International Revenue Split*
6%
15%
26%
11%
Other
United Kingdom
Northern Europe
Southern Europe
Central Europe
Eastern Europe
34%
3%
5%
Emerging Markets
International Sales Accounted for ~20%
of Total 2012 Masco Sales
23
*Based on company estimates